Investment rental property was purchased using like-kind exchange in 2004. Property use changed to primary residence in 2007 and remained main residence until sold in 2024. We lived in the property for 17 years. At time of conversion 2007, a -$200,000 loss carried forward. How do I report the sale: is it considered sale of business property, or sale of main home? Purchase price was $425,000, improvements $200,000, selling expenses $30,000, and selling price $750,000.
